European Gas Prices Surge Above 100 Euros With Eyes on Russia
- Dutch month-ahead extends Monday’s advance in early trade
- Russian flows to Europe remain below last year’s level
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Europe’s benchmark natural gas price rose above 100 euros, or $190 per barrel of oil equivalent, ahead of a series of auctions for pipeline capacity that are seen as a test of Russia’s willingness to ease a supply crunch.
The day-ahead auctions for space on Ukrainian pipelines and capacity at Germany’s Mallnow compressor station will provide a strong signal for how serious Russia is about increasing flows to the west. While the region’s biggest supplier has said it aims to keep refilling European storage sites until the end of December, it hasn’t used short-term auctions to ship more fuel.